GIC Housing to buy 16% stake in LIC Nomura AMC for Rs 23 crore

The board also approved buying up to 16 per cent in the paid up equity share capital of LIC Nomura Mutual Fund Trustee Company for a consideration not exceeding Rs 1.26 lakhPTI | December 31, 2015, 17:28 IST

NEW DELHI: GIC Housing Finance today said it will acquire up to 16 per cent stake in LIC Nomura Mutual Fund Asset Management Company for Rs 22.68 crore.

Meanwhile, a similar stake will be bought by the company in LIC Nomura Mutual Fund Trustee Company for Rs 1.26 lakh.

The decision was taken at the Board of Directors' meeting of GIC Housing held yesterday.

"The Board of Directors approve the proposal to acquire up to 16 per cent in the paid up equity share capital of LIC Nomura Mutual Fund Asset Management Company Ltd for a consideration not exceeding Rs 2,268 lakh," GIC Housing Finance Ltd said in a regulatory filing.

The board also approved buying up to 16 per cent in the paid up equity share capital of LIC Nomura Mutual Fund Trustee Company for a consideration not exceeding Rs 1.26 lakh, it added.

Earlier this month, LIC Housing Finance Ltd (LIC HFL) had said it will acquire 19.3 per cent each in LIC Nomura Mutual Fund Asset Management Company and LIC Nomura Fund Trustee Company for Rs 27 crore and Rs 1.5 lakh, respectively.

GIC Housing shares today closed at Rs 232.80 on BSE, up 2.58 per cent from the previous close.